November 22, 2019
For several years, both artificial intelligence and blockchain technologies have created a loud buzz in the technology community. Both of these technologies have been incorporated into our daily lives, through applications such as cryptocurrency, chatbots, personal assistance, and robotics.
With the maturity of these technologies, their convergence seems to hold the next significant promise for the tech world. AI and blockchain together can add efficiency to autonomous cars, or they can help in bitcoin mining. The combination can also add more security, flexibility, autonomy, and profitability to robotic operations. When it comes to accomplishing challenging tasks by combining multiple robotic systems, blockchain technology comes as the ultimate aid.
A quick blockchain primer
Blockchain is the distributed database technology that made a massive impact on several industries, including the banking and financial sector, health care, retail, property and real estate, among others.
Some of the critical advantages of blockchain include the following:
- A blockchain database is fully tamper-proof and immutable;
- It offers a highly decentralized database;
- It allows data access through a distributed ledger system;
- Blockchain ensures optimum data transparency;
- It provides optimum security and privacy of data.
Despite the promises and advantages of blockchain, several challenges remain for utilizing in a modern business model:
- Blockchain with a decentralized database can cause challenges to existing systems, which can lead to performance issues;
- Interoperability with existing systems and databases are a concern;
- Deployment can be very expensive and cost inductive;
- Legal concerns and complications around compliance and regulations.
About artificial intelligence
AI technology aims to mimic human intelligence or provide a rational way of approaching things to make various…